Question

QuickBooks Desktop Credit Card Sub-Accounts

Forum|Forum|2 years ago
July 20, 2023
3 replies
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I have QuickBooks Desktop 2022 Premier Plus Services. I have two main credit cards. Each credit card has a sub-account under it. The sub-accounts have a check mark and say cleared yet they still show on the Balance Sheet. These transactions are from 2021. Can you please give me the steps on how I can get these two sub-accounts to show a 0 balance so I can make them Inactive? Our tax returns for 2021 and 2022 have been filed. I need to make sure that whatever I do will not cause a need for the tax return to be amended.

I looked through the forums and everything I found was for QB's Online. I could not find anything for QB's Desktop. appreciate any assistance you can give me.

QuickBooks Desktop

D

DebSheenD

Thanks for sharing your concern here in the Community, @ReneeE. I'm here to help you fix this.

We can pay down a credit card to zero out the balance and do the reconciliation.

From the Banking menu, select Write Checks.
Choose the bank account you want to use for paying the credit card from the Bank account ▼ dropdown.
Click the date of your payment.
Select the name of your credit card company from the Pay to the order of ▼ dropdown.
Enter the amount of your payment.
Tap on the expenses tab.
Under the Account ▼ dropdown, select your credit card account.

Once done, you'll reconcile the credit card transactions.

Go to the Banking menu, then select Reconcile.
In the Account field, select the bank or credit card account you want to reconcile.
The Statement Date is automatically filled in. Usually, it's 30 or 31 days after the statement date of the previous reconciliation. Change it as needed to match your bank statement.
QuickBooks also automatically enters the Beginning Balance. It uses the ending balance from your last reconciliation to get this number.
Enter the Ending Balance based on your bank statement.
Enter the Service Charge and Interest Earned based on your bank statement. Don't enter charges you've already entered in QuickBooks.
Review the fields. If the info is correct, select Continue or OK.

Once you're done with the transfer process, you need to match it with your downloaded events. Doing this presents that you have paid the credit card bill amount.

You can use this article for your future reference about reconciling accounts in QuickBooks Desktop. It has complete instructions to ensure everything is properly recorded.

The Community is open 24/7 if you need further assistance with this. You can also click the REPLY button below if you have other QuickBooks-related concerns. We'll be more than happy to provide additional assistance. Keep safe!

R

ReneeEAuthor

I cannot do what you suggested. All of the transactions have a check mark and say Cleared. These transactions go back to 2021 so all these main credit cards have been paid and reconciled. I do not download from the bank. I enter all credit card charges manually.

C

Carneil_C

Thanks for your reply, @ReneeE. I'll add some steps to sort out this issue with your sub-account balance in QuickBooks Desktop.

To zero it out, you can pay your credit card charges to reduce the amount you owe. If you want to pay them before reconciliation, here are the steps you can follow:

Go to the Banking menu, and select Write Checks.
Choose the bank account you want to use for paying the credit card from the Bank account ▼ dropdown.
Select the date of your payment.
Tick the name of your credit card company from the Pay to the order of ▼ dropdown.
Enter the amount of your payment.
Hit the Expenses tab.
On the Account ▼ dropdown, select your credit card account.

When paying for the sub-accounts, enter a line for each sub-account, then type the amount you want to pay. The total amount should equal the total amount reflected for the parent account. Then, Save & Close once done.

Alternatively, you can also do it after reconciling the account. Check out the Pay credit card charges after reconciliation section in this article: Set up, use, and pay credit card accounts.

Moreover, we have a handy resource to help you find discrepancies and other issues in your current reconciliation: Get reports for previous reconciliations in QuickBooks Desktop.

I'm more than willing to help if you have any other transaction concerns. I'll ensure your needs are taken care of. Take care always.

D

DJ-C

Hi Renee,

I am having the same problem. Did you ever get this resolved and if so can you please share it with me.

Thank you

D

DJ-C

Hi Renee,

I am having the same problem. Did you ever get this resolved and if so can you please share it with me.

Thank you

M

Maybelle_S

Thanks for bringing this to us, DJ-C.

I want to make sure this is taken care of. Have you tried the troubleshooting steps provided above? If the problem continues, let's consider trying additional troubleshooting measures.

The process of recording transactions in QuickBooks Desktop (QBDT) varies depending on the type of transaction you wish to document. Moreover, if you have an accountant or bookkeeper, they may take care of this procedure on your behalf. It is essential to refer to QuickBooks documentation or seek expert assistance if you come across any challenges.

Posting transactions to the sub-account impacts the parent account, but posting to the parent account doesn't affect the sub-account. For example, recording a check to the parent account decreases its balance while leaving the sub-account balance unchanged. You can review these transactions in the parent account if they are linked to the sub-account.

To add a sub-account, you can follow the steps below: